$VOR
Vor Biopharma Inc.

2022 Q4 Form 10-Q Financial Statement

#000095017022024444 Filed on November 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.663M $7.226M $5.677M
YoY Change 36.52% 27.29% 55.96%
% of Gross Profit
Research & Development $17.06M $16.88M $12.93M
YoY Change 34.42% 30.56% 58.74%
% of Gross Profit
Depreciation & Amortization $632.0K $900.0K $300.0K
YoY Change 60.0% 200.0% 50.0%
% of Gross Profit
Operating Expenses $24.73M $24.10M $18.60M
YoY Change 35.07% 29.56% 57.84%
Operating Profit -$24.10M -$18.60M
YoY Change 29.56% 57.84%
Interest Expense $815.0K $313.0K $48.00K
YoY Change 1409.26% 552.08%
% of Operating Profit
Other Income/Expense, Net $313.0K $48.00K
YoY Change 552.08%
Pretax Income -$23.91M -$23.79M -$18.55M
YoY Change 31.0% 28.21% 57.37%
Income Tax
% Of Pretax Income
Net Earnings -$23.91M -$23.79M -$18.55M
YoY Change 31.0% 28.21% 57.44%
Net Earnings / Revenue
Basic Earnings Per Share -$0.63 -$0.50
Diluted Earnings Per Share -$0.53 -$0.63 -$502.4K
COMMON SHARES
Basic Shares Outstanding 38.67M 38.06M 36.93M
Diluted Shares Outstanding 38.01M 36.93M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $230.2M $136.1M $226.0M
YoY Change 10.98% -39.78% 255.3%
Cash & Equivalents $57.71M $60.83M $143.0M
Short-Term Investments $172.5M $75.24M $82.93M
Other Short-Term Assets $2.337M $1.771M $749.0K
YoY Change 11.6% 136.45% -60.58%
Inventory
Prepaid Expenses $4.368M $4.891M $5.355M
Receivables
Other Receivables
Total Short-Term Assets $237.0M $142.7M $232.1M
YoY Change 10.52% -38.5% 254.31%
LONG-TERM ASSETS
Property, Plant & Equipment $12.63M $12.96M $5.990M
YoY Change 84.36% 116.41% -71.61%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.925M $2.878M $2.141M
YoY Change -10.14% 34.42% 12.68%
Total Long-Term Assets $62.42M $63.64M $26.56M
YoY Change 121.4% 139.62% 15.48%
TOTAL ASSETS
Total Short-Term Assets $237.0M $142.7M $232.1M
Total Long-Term Assets $62.42M $63.64M $26.56M
Total Assets $299.4M $206.4M $258.6M
YoY Change 23.4% -20.21% 192.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.772M $824.0K $1.957M
YoY Change 14.69% -57.89% -14.91%
Accrued Expenses $7.889M $6.288M $5.676M
YoY Change 24.53% 10.78% 15.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.12M $11.10M $9.210M
YoY Change 29.21% 20.54% 21.18%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $35.64M $36.54M $16.47M
YoY Change 120.35% 121.91% -6.98%
Total Long-Term Liabilities $35.64M $36.54M $16.47M
YoY Change 120.35% 121.91% -6.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.12M $11.10M $9.210M
Total Long-Term Liabilities $35.64M $36.54M $16.47M
Total Liabilities $48.76M $47.64M $25.68M
YoY Change 85.21% 85.55% 1.48%
SHAREHOLDERS EQUITY
Retained Earnings -$222.2M -$198.3M -$111.9M
YoY Change 70.77% 77.26%
Common Stock $473.6M $358.2M $344.8M
YoY Change 36.72% 3.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $250.6M $158.7M $233.0M
YoY Change
Total Liabilities & Shareholders Equity $299.4M $206.4M $258.6M
YoY Change 23.4% -20.21% 192.24%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$23.91M -$23.79M -$18.55M
YoY Change 31.0% 28.21% 57.44%
Depreciation, Depletion And Amortization $632.0K $900.0K $300.0K
YoY Change 60.0% 200.0% 50.0%
Cash From Operating Activities -$18.35M -$18.90M -$17.34M
YoY Change 4.32% 8.99% 110.22%
INVESTING ACTIVITIES
Capital Expenditures $321.0K -$298.0K -$636.0K
YoY Change -127.48% -53.14% -59.75%
Acquisitions
YoY Change
Other Investing Activities -$96.72M $13.00M -$7.850M
YoY Change 1921.21% -265.61%
Cash From Investing Activities -$97.04M $12.70M -$8.486M
YoY Change 1530.04% -249.68% 437.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 112.3M 4.075M 201.0K
YoY Change 36467.1% 1927.36% -62.08%
NET CHANGE
Cash From Operating Activities -18.35M -18.90M -17.34M
Cash From Investing Activities -97.04M 12.70M -8.486M
Cash From Financing Activities 112.3M 4.075M 201.0K
Net Change In Cash -3.121M -2.125M -25.63M
YoY Change -86.57% -91.71% 175.57%
FREE CASH FLOW
Cash From Operating Activities -$18.35M -$18.90M -$17.34M
Capital Expenditures $321.0K -$298.0K -$636.0K
Free Cash Flow -$18.67M -$18.60M -$16.71M
YoY Change 13.69% 11.35% 150.48%

Facts In Submission

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vor Conversion Of Redeemable Convertible Preferred Stock To Common Stock Upon Closing Of Initial Public Offering
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us-gaap Nature Of Operations
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">1. Nature of the Business</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:5.667%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Vor Biopharma Inc. (the “Company”) is a clinical-stage cell and genome engineering company that combines a novel patient engineering approach with targeted therapies to provide a single company solution for patients suffering from hematological malignancies. The Company’s proprietary platform leverages its expertise in hematopoietic stem cell (“HSC”) biology, genome engineering and targeted therapy development to genetically modify HSCs to remove surface targets expressed by cancer cells. The Company is headquartered in Cambridge, Massachusetts. The Company was incorporated on </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">December 30, 2015</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Risks and Uncertainties</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:5.667%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company is subject to a number of risks common to development stage companies in the biotechnology industry, including, but not limited to, risks of failure of preclinical studies and clinical trials, dependence on key personnel, protection of proprietary technology, reliance on third party organizations, risks of obtaining regulatory approval for any product candidate that it may develop, development by competitors of technological innovations, compliance with government regulations, the impact of the COVID-19 pandemic, including impacts related to the variants of the virus, geopolitical tensions, adverse macroeconomic conditions and the need to obtain additional financing.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:5.733%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company anticipates that it will continue to incur significant operating losses for the next several years as it continues to develop its product candidates. The Company believes that its existing cash, cash equivalents and marketable securities at September 30, 2022</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> will be sufficient to allow the Company to fund its current operations through at least a period of one year after the date the financial statements are issued.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
dei Entity Incorporation Date Of Incorporation
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us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:5.667%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies in developing the estimates and assumptions that are used in the preparation of the condensed consolidated financial statements. Management must apply significant judgment in this process. Management’s estimation process often may yield a range of potentially reasonable estimates and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: estimating the fair value of the Company’s common stock (prior to its initial public offering); accrued expenses and research and development expenses.</span></p>
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